Within his newly released memoir, titled Ithaki, the ex- leader Alexis Tsipras spares no criticism as he revisits that turbulent era during Greece's economic turmoil.
A Controversial Choice
According to the ex-PM's recollections, he chose the unorthodox academic Varoufakis as his finance minister primarily due to his global profile along with his highly compelling skills when it came to speaker.
“He was, actually, more like a star and less of an economist,” wrote Tsipras.
Conflicting Agendas
Tsipras suggests how Varoufakis had a personal agenda that included promoting his publications as well as experimenting with his game theories using the nation rather than truly advocating its financial survival.
He noted how the negotiations to prevent insolvency were “not just a method to secure improved terms for the country. They were an experiment, an historic opportunity to prove the truth of his ideas.”
Critical Talks
During volatile negotiations, Greece found itself perilously on the brink of leaving the eurozone.
On the line was both the country's destiny and the harsh austerity policies required in exchange for bailout funds from foreign lenders.
Unsuccessful Options
Attempts to find funds from other sources, including a desperate appeal to the Kremlin to purchase Greek bonds, fell on stony ground.
Helping the indebted country was tantamount to throwing money in the trash-can, the Russian leader is reputed to have told Tsipras during their meeting.
Public Vote and Reversal
In July 2015, those harsh conditions were subjected to a public vote, an action that threw the EU into a further existential crisis.
Although the referendum was won decisively by voters who opposed austerity, the prime minister had little option to ignore the result and negotiate a rescue deal from creditors that proved to be tougher.
Final Straw
The ex-PM revealed how he began to doubt his finance minister quite early on.
“Varoufakis was the public image of the talks, the figure who drew media attention, who appeared on the covers of publications the world over … it seemed he relished his new role.”
When the minister outlined a backup strategy involving creating a secondary currency and distributing coupons to retirees, the leader knew it was the end and asked Varoufakis: “Are you serious?”
Enduring Criticism
Within the book, the author concludes that his former ally demonstrated himself to be “unfit for a deal that required complex and sensitive handling.”
He also wrote how his aggressive style made him increasingly isolated with colleagues, put Greece at risk, and helped hawks who were pushing for a Greek exit from the euro.
The account of events has been met with fury along with shock among certain groups, whereas Varoufakis has so far kept a deafening silence on the matter.
